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Olympus reveals 13-yr-old fraud
Olympus reveals 13-yr-old fraud
Vendors wait for customers at a wholesale vegetable market in New Delhi
Wholesale prices rose more than expected in November, leaving inflation stubbornly high and suggesting the RBI would hold rates steady at its review on Friday even as worries grow over the health of the economy.
The wholesale price index, the main inflation gauge, rose 9.11% from a year earlier, slowing from a 9.73% rise in October.
A man deposits his money in a bank in Amritsar
India can do little to check the movement in the rupee, which is driven by external factors, C Rangarajan, chairman of the Prime Minister's Economic Advisory Council, said on Wednesday.
The rupee hit another record low on Wednesday as worse-than-expected inflation data and the US Fed's decision to refrain from new economy-boosting measures heightened concerns that capital outflows from riskier economies could accelerate.
At 12:40 pm, the rupee was at 53.62/63 to the dollar, after hitting an all-time low of 53.75, taking the drop since its July high to 18.4%.
An employee fills a vehicle with diesel at a fuel station in New Delhi
Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move.
While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline -- against which domestic petrol prices are benchmarked -- have also increased, a top source at a state-run oil firm has said.
Olympus Corp's digital camera is seen through a show window which bears rain drops and reflects lights from traffic at an electronic shop in Tokyo
Japan's disgraced Olympus ironed out its crooked accounts on Wednesday, unwinding a 13-year fraud to reveal a $1.1 billion dent in its balance sheet and igniting speculation it would need to merge or sell assets to repair its finances.
The maker of cameras and medical equipment filed five years' worth of corrected statements, plus overdue first-half results, just hours before a deadline set by the Tokyo Stock Exchange, which would have delisted the firm if it had failed.
The most recent restatement, for end-June 2011, showed an 84 billion yen reduction in net assets, and Olympus added that as of end-September, its net assets were just 46 billion yen, down from a restated 225 billion yen in March 2007.
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